Bumble shares soar after report dating firm in $1bn takeover talks

Shares in dating app company Bumble soared by almost 50% on Monday after a report that it is in advanced talks to be bought for around $1bn (£757m).

Technology holding company Ithaca could announce a deal to buy the Texas-based firm as early as this week, according to the Wall Street Journal.

The jump in Bumble's shares pushed its stock market valuation to over $580m but that is still far below a peak of more than $14bn it reached after listing on the Nasdaq in 2021.

Bumble is one of the world's most downloaded dating apps, operating in a crowded market where growth has slowed. The BBC has contacted Bumble and Ithaca for comment.

Bumble was launched in 2014 by Whitney Wolfe Herd, who was also a co-founder of dating app giant Tinder.

Wolfe Herd built Bumble's brand around a distinctive feature that only allowed women to initiate conversations with matches.

It recently abandoned that rule, prompting debate among users over whether the app had lost what set it apart from rivals.

Dating apps like Bumble have come under pressure in recent years as some younger users have grown disillusioned with browsing for dates.

Match Group - which owns apps including Tinder, OkCupid and Hinge - has also seen its shares fall sharply from their peak in 2021.